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NAICOM extends submission of Q1 insurance returns

By Omobola Tolu-Kusimo

The National Insurance Commission (NAICOM) has extended by one month the deadline for submission of 2020 first quarter returns of insurance firms.

The Acting Commissioner for Insurance,  Sunday Thomas, who made this known in a statement  in Lagos, said the move by the Commission would serve as a palliative against the negative impact of COVID-19 on businesses.

He stated that waivers would also be granted for delayed submission of renewal documents by Insurance brokers, loss adjusters and insurance agents during the period of the COVID-19 pandemic.

He said: “Due to the negative impact of corona virus (COVID-19) on the mobility/interaction of persons as well as conduct of business in Nigeria and the world over, the Commission has reviewed the potential impact on the insurance sector and has thus taken the following measures:

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“Submission of first quarter returns have been extended by one month, in the interim. Waivers will be granted in respect of delayed submission of renewal documents by insurance brokers, loss adjusters and insurance agents during the period of the COVID-19 pandemic.

“All meetings earlier scheduled to hold with the Commission have been suspended till further notice. Insurance principles hinges/centers on prevention is better than control measures, therefore, Insurance operators are advised to comply with safety precautions issued by the National Centre for Disease Control (NCDC) and the Federal Government of Nigeria from time to time.’’

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